Mild weather, government aid, gas storage facilities at full capacity and energy imports from other regions have helped Europe limit the economic damage caused by the war.
To beef up winter supplies, Germany and its EU neighbours bought LNG from Qatar and the United States, which is more expensive than Russian gas that was brought in via pipelines. Demand for natural gas receded 12 percent in 2022 after the Russian invasion in late February compared with the 2019-2021 average, according to the Bruegel think tank in Brussels.Supply received another boost from the progressive return on stream of several French nuclear reactors that had been taken offline.
But the drop has yet to be seen on household bills as wholesalers buy months in advance, leaving consumers struggling to pay as inflation soars. And if Asian demand rebounds,"the competition between Europe and Asia for LNG will get even harder, which could result in higher prices than we see now."
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EU Urges South Africa to Convince Russia to End Ukraine WarThe European Union's foreign Policy Chief Josep Borrell has urged Pretoria to use its ties with Russia to convince Moscow to stop its war on Ukraine. Borrell's trip to South Africa is the latest in a whirlwind week that has seen visits by both Russian Foreign Minister Sergey Lavrov and U.S. Treasury Secretary Janet Yellen. Analysts say the flurry of diplomatic activity comes as the West and Russia both seek South Africa's support regarding the war in Ukraine. Pretoria has strong historic ties with Moscow and has taken an officially neutral stance on the conflict, to the dismay of Washington and Brussels. 2022 was a year of significant political and economic challenges for African countries. Already reeling from the impact of the Covid-19 pandemic, the war between Russia and Ukraine and its economic fallout brought more pain as high food and fuel prices worsened the political instability many countries were facing. At the same time, Africa is becoming increasingly important to countries and companies seeking the minerals needed to transition to renewable energy that will see the powers of the United States, China, Russia and European countries vie for access to those resources.
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